Metamask launched debit card

[Rikafip]

Metamask announced earlier today that they are launching their own crypto debit card in partnership with Mastercard. For now, the card will be limited to a certain number of users in the EU and UK before it becomes more widely available.

Given the popularity of Metamask, this could become a popular crypto debit card solution.

In an exciting development for crypto natives and everyday consumers alike, MetaMask, Mastercard, and Baanx (Crypto Life) have launched the pilot of MetaMask Card - the world's first Mastercard payment card that enables direct spending from your MetaMask wallet. Eligible users can now make everyday purchases with their crypto anywhere Mastercard is accepted.

“MetaMask Card pilot gives people more freedom to spend their crypto,” says Lorenzo Santos, Senior Product Manager at Consensys. “MetaMask Card represents a major step to removing the friction that has traditionally existed between the blockchain and real-world commerce. This is a paradigm shift that offers the best of both worlds.”

[dkbit98]

It looks like this card will only works on some ethereum second layer Linea network, and it only supports stable coins and wrapped ethereum.
I am not interested and metamask wallet was already known for tracking and spying all their customers, so I certainly wouldn't send them any of my personal information and address.

[royalfestus]

"I'm a bit confused, or maybe the information available online isn't detailed enough. From what I understand, this will be implemented only in the EU and UK for now, and the deductions will be made directly from one's account. My question is, will the deductions apply only to stablecoins in the account, or will they also affect volatile coins whose values fluctuate as purchases are made?"

[OmegaStarScream]

"I'm a bit confused, or maybe the information available online isn't detailed enough. From what I understand, this will be implemented only in the EU and UK for now, and the deductions will be made directly from one's account. My question is, will the deductions apply only to stablecoins in the account, or will they also affect volatile coins whose values fluctuate as purchases are made?"

I haven't read the article, but if they're going to support wrapped ethereum as mentioned above, then I would imagine the funds would be deducted from whatever you have in your wallet. So for WETH case, it would be the real time USD value of that.

It looks like this card will only works on some ethereum second layer Linea network, and it only supports stable coins and wrapped ethereum.
I am not interested and metamask wallet was already known for tracking and spying all their customers, so I certainly wouldn't send them any of my personal information and address.

It's not some Layer two solution. It's MetaMask's L2. So I guess they're trying to push people to use their network, and I wouldn't be surprised if they start supporting other networks down the line.

[Rikafip]

It looks like this card will only works on some ethereum second layer Linea network, and it only supports stable coins and wrapped ethereum.

I read somewhere that Metamask plans to integrate bitcoin as well so who knows, maybe down the line their users will be able to spend bictoin as well.

I am not interested and metamask wallet was already known for tracking and spying all their customers, so I certainly wouldn't send them any of my personal information and address.

Yep, I am not interested either (I haven't used Metamask in years and for now I gave up on crypto debit cards) but I do know a lot of people who are using it on the daily basis and they are their target audience.

"I'm a bit confused, or maybe the information available online isn't detailed enough. From what I understand, this will be implemented only in the EU and UK for now, and the deductions will be made directly from one's account.

For now its not even available to all UK and EU, but just to number of selected users but I guess once it goes fully live it will cover the whole EEA, as it usualyl goes with crypto debit cards. And yeah, deduction should be directly from Metamask.

My question is, will the deductions apply only to stablecoins in the account, or will they also affect volatile coins whose values fluctuate as purchases are made?"

That remains to be seen, but other debit cards normally support currencies whose value fluctuates (bitcoin, altcoins).

[stompix]

Metamask announced earlier today that they are launching their own crypto debit card in partnership with Mastercard.

Hihi, just that they missed a few steps, the cards will be actually managed by Crypto Life, they will be in control of the cards, and the licensing and issuing is held by Monavate Ltd, so yeah, what could go wrong with 20 partners for a card, not to mention than Monovate has different companies, one for UK and one for the EEU area, based as always in Lithuania.

My question is, will the deductions apply only to stablecoins in the account, or will they also affect volatile coins whose values fluctuate as purchases are made?"

They will make an instant exchange the moment you use your card at the value of the coin at the moment, no rocket science, others have been using this for years, might catch you off guard if you don't check the prices first after a dump but you would have spent it anyhow, right?

When you use stablecoins like USDC and USDT, you’ll be charged the Linea gas fee, which is variable, but typically $0.02.
When you use a non-stablecoin like wETH, you’ll be charged the Linea gas fee, which is variable, but typically $0.02. You’ll also be charged a swap fee of 0.875%.

One cent here, two cents there, and that's why crypto debit cards will be always worse than fiat.

 

[Rikafip]

One cent here, two cents there, and that's why crypto debit cards will be always worse than fiat.

And that's why the Binance card was by far the most popular, despite being around for only a couple of years. All you needed to get 2% cashback was to hold 1 BNB, and you not only covered all the fees but also made some money.

Now, I'm just selling crypto to fiat without KYC (luckily, in Croatia, we have plenty of options to do that) and depositing it onto my bank debit card.

[hugeblack]

I thought it would provide a faster way to settle payments but since the card is integrated with Mastercard and through an intermediary the fees will be higher. Anyway, does this mean Metamask will ask for KYC data?

[OmegaStarScream]

I thought it would provide a faster way to settle payments but since the card is integrated with Mastercard and through an intermediary the fees will be higher. Anyway, does this mean Metamask will ask for KYC data?

Whether it's directly or through a third party service remains to be seen, but they will definitely enforce KYC. Now obviously, I can't see them KYCing the wallet users if that's what you mean, but rather just those who wants to use the debit card.

[NotATether]

Metamask is a company, not just an open-source project, so it makes sense that they would try to do anything to make some money. They are reminding me a lot about Mozilla - but at least Mozilla makes stuff I actually like.

If Metamask gets sued or anything like that, or becomes the target of an investigation or an order, it's going to have a really bad look for the community that actually builds that stuff.

[Lucius]

~snip~
Now, I'm just selling crypto to fiat without KYC (luckily, in Croatia, we have plenty of options to do that) and depositing it onto my bank debit card.

It's probably smaller amounts, but do you think it's wise to deposit money into a bank account after selling BTC without KYC? Given that the tax administration and some other agencies have direct insight into our bank accounts, maybe one day someone will wonder where the money in your account comes from. It is more logical for me to spend the cash obtained in this way without involving the bank.


As for MM and their card, I have never used that wallet, but considering the number of users who use it, this will be good news for them - especially if the card is available in other parts of the world.

[stompix]

I thought it would provide a faster way to settle payments but since the card is integrated with Mastercard and through an intermediary the fees will be higher. Anyway, does this mean Metamask will ask for KYC data?

https://support.metamask.io/metamask-portfolio/card/getting-started/

Setting up your account involves adding an email/password, confirming your phone number, and verifying your identity through a secure Know Your Customer (KYC) process

No surprise, the moment they would dare say something like that MasterCard would blacklist every partner involved in this.

Now, I'm just selling crypto to fiat without KYC (luckily, in Croatia, we have plenty of options to do that) and depositing it onto my bank debit card.

Pure curiosity, how much in % fees? I assume we're still talking online transfers, not cash at hand!

[Rikafip]

It's probably smaller amounts

Yep, we are talking about very low amounts on the yeartly basis. Majority of money I spent directly as cash which is my preferred way of spending money anyway but for certain things you just need a card.  

Pure curiosity, how much in % fees? I assume we're still talking online transfers, not cash at hand!

A few days ago I sold some USDT at a Shitcoins.club BATM, and the exchange rate was 1 USDT= 0.941 euro, which is incredibly good. This was done without KYC, and the limit is 990 euros per transaction without ID/KYC. Shitcoin.club has different exchange rates in each country where they operate, so it's not as favorable everywhere as it is in Croatia.

[dkbit98]

I read somewhere that Metamask plans to integrate bitcoin as well so who knows, maybe down the line their users will be able to spend bictoin as well.

I wouldn't wait on that to happen.
I heard somewhere that metamask have their own centralized second layer network on ethereum, so they will probably create another fake bitcoin token there.

I thought it would provide a faster way to settle payments but since the card is integrated with Mastercard and through an intermediary the fees will be higher. Anyway, does this mean Metamask will ask for KYC data?

Sure they are, all this companies want to collect as much information about people as they can.

[JollyGood]

Is this going to result in virtual debit cards or actual physical cards being posted to a home address? If it is the latter, I think this is going to be hugely problematic if they have hope of expanding their services to a wider audience. Will the trade-off be worth it if a Metamask user loses their anonymity but manages to gain a prepaid debit card that has collates vast amounts of data including KYC? No doubt many will actively avoid it.

If a system was in place that provided virtual card numbers that might be something more Metamsk users would probably consider.

I thought it would provide a faster way to settle payments but since the card is integrated with Mastercard and through an intermediary the fees will be higher. Anyway, does this mean Metamask will ask for KYC data?

Whether it's directly or through a third party service remains to be seen, but they will definitely enforce KYC. Now obviously, I can't see them KYCing the wallet users if that's what you mean, but rather just those who wants to use the debit card.